Jefferies Lowers CMA Target To $41 From $42

Jefferies has lowered its PT on Comerica (NYSE: CMA) to $41 from $42.

“We like CMA's move to broaden its exposure in the faster-growing Texas market, but deal valuation could make 2013 EPS accretion tough, in our view,” Jefferies writes.

“Improving credit drives better 2011 results, but rev. challenges reset our 2012/13 estimates lower. Our price target moves to $41/share (from $42).”

Comerica closed Tuesday at $38.74.